The Horseman is a believer https://www.thehedgelesshorseman.com/condor-resources/condor-resources-an-easy-to-test-10-moz-target-and-more/ this guy mentions 10 mil oz deposit ……. Yowsa
My Simple Case for Condor Resources I went from having little idea of what the case for Condor was to being totally sold on the value proposition within the span of a week. Before I watched Quinton’s presentation the only thing I pretty much knew about Condor was that the company had a vast portfolio of projects in Peru. After I watched the presentation I started to get the idea of what the value proposition was but when I plugged in some numbers based on what Quinton was saying I almost fell out of my chair. The case for the Pucamayo target and Condor is rather straigthforward thankfully…
Pucamayo is a near surface high sulfidation epithermal system, that looks to be oxidized, and is potentially very large to say the least. Digging Into Pucamayo Potential Competitive Advantages - Easy to drill
- A blanket type target that is located relatively close to surface across the board
- Disseminated mineralization (not chasing elusive veins)
- Easy to prove up
- A blanket type target that is located relatively close to surface which means that proving up inferred ounces will be a lot quicker than lode gold deposits
- Since it is a blanket type target the drills will only need to move laterally and not need to drill deeper and deeper holes to increase the theoretical deposit
- If the target has economic mineralization it could turn into a relatively simple, large and relatively shallow open pit mine
- The target seems to be oxidized
- One drill campaign should be enough to a) show proof of concept, and b) show the quality of the system
- If they get good hits on the initial target scale from just the first drill campaign then they could go from no deposit to pretty much an inferred monster of a deposit from just the first drill campaign
- Extraordinary good bang for the speculative buck
- Economics
- Easy and quick proof of concept
Consider some of the aspects I just stated above…
A lode gold system can be tricky and expensive to drill. First you gotta find the veins, then you gotta potentially drill to considerable depths (costly) and it’s hard to know if you are on to say a 50 Koz or a multi Moz system. Condor is fortunate to have what looks to be a disseminated high sulfidation gold/silver-silver that shows up like a relatively well defined “blanket” through geophysics. This means that a) They already see the potential scope and orientation of the system and b) The gold and silver should be in a disseminated form which means that it should be easy to hit with the drill (if there is indeed a larger mineralized system below the surface). Just a few drill holes within a 800 x 500 m2 rectangle, drilled a few hundred meters down, could thus potentially come up good and pretty much infer a massive deposit right off the bat. This is not something I can say for most juniors. Examples that come to mind are Osisko Mining and Great Bear Resources who are forced to drill hundreds of thousands of meters (over a million in Osisko’s case) to get a good grip of how much gold they got. This of course takes time and a lot of money. Furthermore, both need to drill to ever increasing depths in order to explore and prove up more gold since their gold bearing targets are sub-vertical to vertical in nature (whereas Pucamayo is a relatively near surface blanket target)